The purchase of the historical Bancroft house and property was finalized last Friday with the Western Reserve Land Conservancy as the sole owner, the conservancy announced. Officials said Tuesday that the conservancy is working with a “wonderful preservation buyer” for purchase of the historic home.
Jared Saylor, spokesman for the organization said, “We intend to sell the house and are working through that with the buyer now.”
The conservancy purchased the Bancroft house from developer Robert Vitt for an undisclosed amount. The community came forward and raised $600,000 toward the purchase price in a campaign to Save Grove Hill.
The process from here on out includes finalizing the contract with the yet unnamed buyer, splitting the homesite from the rest of the 1-acre lot and then transferring that lot and home to the new owner.
Following that, the conservancy and Village of Chagrin Falls will complete the contract that transfers the rest of the property to the village. It will become a new public park at West Cottage Street and Grove Hill (North Main Street), village officials said.
“This has been a very exciting project and we are so happy with the outcome,” Mr. Saylor said. “It really was an inspiring project that brought some joy to our workdays.”
Mayor William Tomko said that Chagrin Falls Law Director Dale Markowitz and conservancy President and CEO Rich Cochran soon will meet to discuss the lot split.
Public town hall meetings will be scheduled to discuss how the park should be used after which the village engineers will begin the design process.
The mayor said costs associated with the park including future maintenance will be funded through grants, donations and budgeted funds.